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Erik Voorhees advises Apple to tap into Bitcoin to ‘make a billion dollars instantly”

by CoinNews February 16, 2024

written by CoinNews

Several crypto stakeholders have advised Apple, the iPhone maker, to invest in Bitcoin.

In a Feb. 16 post on the social media platform X (formerly Twitter), Shapeshift CEO and founder Erik Voorhees urged the technology company to quietly “buy several billion of BTC” and make the top crypto a payment method in its Apple Pay product.

He said this move would help the company “make a billion dollars instantly” and further drive the top crypto adoption.

Chen Fang, the chief operating officer of BitGo, suggested that integrating BTC into Apple Pay and Apple’s new Vision Pro headset would allow the company to “dominate metaverse payments.”

In 2021, Michael Saylor, the chairman of the largest corporate holder of BTC, MicroStrategy, said:

“If Apple were to add support for Bitcoin to the iPhone and convert their treasury to a Bitcoin Standard, it would be worth at least a trillion dollars to their shareholders.”

Over recent years, institutional enthusiasm for BTC has surged, culminating in the launch of numerous spot exchange-traded funds (ETFs). These ETFs represent a significant milestone, granting access to Bitcoin for a broader array of prominent financial institutions and funds.

Apple’s relationship with Bitcoin

Apple, the second-largest company by market capitalization, has a complex relationship with the emerging crypto sector.

The company previously hosted the Bitcoin whitepaper on its Mac computers for an extended duration. At the same time, Apple’s App Store has stringent policies regarding cryptocurrencies, resulting in the brief removals of various crypto-related applications like MetaMask, Coinbase Wallet, Trust Wallet, Damus, and others.

Despite these challenges, key figures within Apple have expressed positive sentiments towards crypto. Co-founder Steve Wozniak endorsed Bitcoin as a sound investment choice, revealing that he once made significant investments in the digital asset.

Similarly, Apple CEO Tim Cook mentioned his ownership of digital assets in 2021, emphasizing that it reflected his views rather than Apple’s official stance on cryptocurrencies.

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February 16, 2024 0 comment

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Surge in stablecoin supply ratio signals increased Bitcoin buying power

by CoinNews February 16, 2024

written by CoinNews

Quick Take

The Stablecoin Supply Ratio (SSR), a key metric that quantifies the supply forces between Bitcoin and various stablecoins, has been signaling increased “buying power” for Bitcoin in the past ten days.

Glassnode defines the SSR as the ratio of Bitcoin’s market cap to that of stablecoins denoted in Bitcoin, which serves as a proxy for the demand-supply mechanics of BTC versus USD. When the SSR dips, it implies a heightened buying power for the current stablecoin supply to purchase Bitcoin.

Stablecoin Supply Ratio: (Source: Glassnode)

Three weeks ago, CryptoSlate observed a subtle upsurge in the SSR, from 0.74 to 1.04, corresponding to an increase in Bitcoin’s value to $42,000. Back then, the SSR was at 1.04, and it is now at 2.04. The upward movement started on Feb. 8 and coincided with the rise in Bitcoin price to $52,000.

This suggests that the demand for Bitcoin is driven by ETF interest and stablecoin liquidity entering the Bitcoin market.

The post Surge in stablecoin supply ratio signals increased Bitcoin buying power appeared first on CryptoSlate.

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February 16, 2024 0 comment

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Microstrategy’s Bitcoin Investment Flourishes, Valued at Nearly $10 Billion

by CoinNews February 16, 2024

written by CoinNews

Microstrategy's Bitcoin Investment Flourishes, Valued at Nearly $10 Billion Based on the latest available data, the Nasdaq-traded Microstrategy possesses 190,000 bitcoins, acquired at a cost of $5.96 billion. Presently, the value of the company’s bitcoin holdings has swelled to $9.88 billion. This marks a 66% increase in the firm’s bitcoin portfolio, a stark contrast to its performance just eight months earlier. From Decline to […]

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February 16, 2024 0 comment

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Bitcoin Technical Analysis: BTC Consolidates Gains as Traders Eye $53K Resistance Level

by CoinNews February 16, 2024

written by CoinNews

As bitcoin weaves through its dynamic trading patterns, its valuation on Feb. 16, 2024, reveals pronounced bullish indicators. Floating within a 24-hour trading window of $51,364 to $52,884, the digital currency’s market worth firmly grips the $1.02 trillion mark. Bitcoin The volume of bitcoin’s global trades is cruising at $29.86 billion, showcasing a medium-to-high engagement […]

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February 16, 2024 0 comment

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US banking groups lobby SEC for rule change to enter Bitcoin ETF market

by CoinNews February 16, 2024

written by CoinNews

Multiple US banking groups are seeking inclusion in the Bitcoin exchange-traded funds (ETFs) landscape, prompting a request for a rule change to facilitate their participation.

In a Feb. 14 letter to SEC Chair Gary Gensler, a coalition comprising the Bank Policy Institute, the American Bankers Association, the Securities Industry and Financial Markets Association, and the Financial Services Forum advocated their stance.

Crypto custodial

The coalition urged the SEC to reassess a regulation that made it expensive for traditional banks to offer crypto custody services. Current rules require these financial institutions to classify cryptocurrencies as liabilities on their balance sheets. Therefore, the banks must allocate assets equivalent to the crypto holdings to mitigate potential losses and adhere to the strict regulatory capital requirements.

The coalition contended that this rule hampered them from acting as custodians for the newly introduced Bitcoin ETFs, a role they commonly undertook for most other Exchange-Traded Products (ETPs). This limitation, the group argued, stemmed from factors such as the “Tier 1 capital ratio and other reserve and capital requirements.”

They added:

“If regulated banking organizations are effectively precluded from providing digital asset safeguarding services at scale, investors and customers, and ultimately the financial system, will be worse off, with the market limited to custody providers that do not afford their customers the legal and supervisory protections provided by federally-regulated banking organizations.”

The group further emphasized the need to mitigate the concentration risk of a single non-bank entity dominating the custodial services for these Bitcoin ETFs. According to the group, allowing prudentially regulated banks to offer custodial services for SEC-regulated ETFs, akin to qualified non-bank asset custodians, could address this concern.

Coinbase, the largest US-based crypto trading platform, is the unnamed non-bank entity mentioned in the letter. The exchange serves as the asset custodian for 8 of the ETF issuers.

Recommendations

The group urged the SEC to refine the definition of crypto outlined in Staff Accounting Bulletin 121 (SAB 121) to exclude traditional financial assets recorded or transferred on blockchain networks.

“SAB 121 makes no distinction between asset types and use cases, but instead generally states that crypto-assets pose certain technological, legal, and regulatory risks requiring on-balance sheet treatment,” they added.

Additionally, they proposed exempting banks from the on-balance sheet requirements while upholding disclosure obligations. This approach would enable banks to partake in select crypto activities while maintaining transparency for investors.

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February 16, 2024 0 comment

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Bitcoin ETFs Boosts Coinbase (COIN) Shares As JPMorgan Upgrades Rating

by CoinNews February 16, 2024

written by CoinNews

The recent Bitcoin rally, propelling its price to the $52,000 level, has positively impacted the stock of US-based cryptocurrency exchange Coinbase (COIN). After experiencing a notable dip to $115 at the start of February, Coinbase’s stock rose to $172 on Thursday, following a significant upgrade by a JPMorgan analyst.

Improved Prospects For Coinbase Amid Crypto Rally

According to a Bloomberg report, JPMorgan analyst Kenneth Worthington abandoned his bearish view on Coinbase weeks after downgrading the stock.

As Bitcoin traded higher, Coinbase shares gained as much as 7.8% following the upgrade. Worthington believes the exchange will likely benefit from the recent rally in digital asset prices, prompting him to shift his rating back to neutral.

This change in stance comes after Worthington’s January downgrade, where he predicted a potential deflation of enthusiasm for Bitcoin exchange-traded funds (ETFs).

However, contrary to his previous forecast, Bitcoin ETFs have been successful in terms of trading measures, and the price of Bitcoin has surged beyond $52,000, reaching its highest level since 2021. In a note to clients on Thursday, Worthington explained:

Given the acceleration in recent days of flows into Bitcoin ETFs and the significant price appreciation of Bitcoin and now Ethereum, we are returning to a Neutral rating on Coinbase as we see the higher cryptocurrency prices not only sustaining but improving activity levels and Coinbase’s earnings power as we look to 1Q24.

Coinbase’s stock experienced an 8% dip at the beginning of the year, following an impressive 400% surge in 2023. Analyst opinions on the stock remain divided, with buy, hold, and sell recommendations being roughly evenly split.

Worthington maintained his $80 price target on the stock ahead of the company’s earnings report, which is scheduled to be released after the market closes on Thursday.

Worthington emphasized that Coinbase’s business is closely tied to token prices, with its core revenue being transaction-based. As the value of tokens increases and trading activity gains momentum, fees based on the value traded are expected to drive higher trading volumes, ultimately contributing to improved revenue for Coinbase.

Bitcoin ETFs Witness Significant Trading Volume

On February 14th, the trading volume of Bitcoin ETFs showcased notable figures, with Blackrock’s IBIT recording the lead with $721 million in volume.

Grayscale’s Bitcoin Trust (GBTC) followed closely with $619 million, while Fidelity’s FBTC secured the third spot with $456 million. On the other hand, Ark Invest accumulated a volume of $169 million.

The nine ETFs’ total trading volume amounted to approximately $1.5 billion. Notably, the largest ETFs experienced higher trading volume than the previous day, with IBIT surpassing $700 million and GBTC exceeding $600 million.

Intriguingly, before the trading session, GBTC sent less than half of the Bitcoin it sent to Coinbase the previous day. Despite this decrease, GBTC’s total trading volume was 50% higher.

As the demand for Bitcoin continues to surge, ETFs play a crucial role in facilitating institutional and retail investors’ participation in the cryptocurrency market. The increased trading volume of Bitcoin ETFs highlights investors’ growing interest and confidence in digital assets.

Currently, Bitcoin is trading at $51,900 and encountering a critical resistance level at $52,000.

Featured image from Shutterstock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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February 16, 2024 0 comment

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Blackrock’s Bitcoin ETF Holdings Near 110K BTC

by CoinNews February 16, 2024

written by CoinNews

Blackrock’s Bitcoin ETF Holdings Near 110K BTC Blackrock has amassed nearly 110,000 bitcoins for its spot bitcoin exchange-traded fund (ETF), Ishares Bitcoin Trust (IBIT), since its launch about a month ago. The world’s largest asset manager’s bitcoin ETF has a total net inflow of nearly $5 billion, leading the pack among all spot bitcoin ETFs. Blackrock CEO Larry Fink has stated that […]

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February 16, 2024 0 comment

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Bitcoin Rally To $75,000 Predicted By Cup And Handle Breakout

by CoinNews February 15, 2024

written by CoinNews

Matt Dines, the Chief Investment Officer at Build Asset Management, has identified a classical ‘Cup and Handle’ pattern in the Bitcoin (BTC) price chart, which he believes could signal an impending rally to $75,000. This technical formation is often considered a strong bullish signal and is closely watched by market analysts and traders.

Bitcoin Price Validates Cup And Handle Pattern

The ‘Cup’ part of the pattern, resembling a bowl or rounding bottom, began forming in March 2022 when the price plunged below $48,000 and entered one of the longest Bitcoin bear markets. The pattern reached its lowest point at approximately $17,600, signifying a strong support level for Bitcoin.

Bitcoin price cup and handle — Bitcoin price validates a cup and handle pattern | Source: X @BuildCIO

The left side of the pattern shows a rounded bottom resembling a “cup.” It forms when the price initially declines, then consolidates, and finally starts to rise again. Since hitting this bottom, Bitcoin’s price has made a steady recovery, mimicking the right side of the cup, indicating a bullish reversal of the previous downtrend.

“The saucer or the ‘cup’ signifies a consolidation period, a pause in the downward trend, before the price begins to rise back up to the test resistance levels,” Dines explained. The recovery to the initial resistance line completes the ‘cup’ portion of the pattern. The Bitcoin price completed this step in early January this year.

The subsequent ‘Handle’ is represented by a moderate retracement following the recovery, which forms a small dip or pullback from the peak. This handle is identified by a slight downward trajectory and is considered the final consolidation before a breakout.

BTC’s price drop to $38,600 at the end of January marked the bottom of the pullback. With the breakout above $48,000, the Bitcoin price validated the cup and handle pattern.

Setting A BTC Price Target

Dines also addressed the placement of the vertical projection from the bottom of the handle, clarifying its basis: “It’s totally arbitrary and in the eye of the beholder. But longer answer, traders are eyeing charts for formations.”

The vertical target line, or the ‘stick’ on the right, is projected from the bottom of the handle. The height of the cup — from the low at around $17,600 to the resistance line at $48,000— sets the stage for the price target.

Dines added, “A lot of traders will use the height of the bowl (from the low of the bowl to the top at the resistance line) to set their price target. Just add that height to the bottom of the handle … that’s a decent guesstimate for where we’d see the longs who entered on the breakthrough to set their price target.”

Based on the chart, the height from the cup’s low to the resistance level is roughly $31,973, marking the increase in Bitcoin’s price from its lowest point to the current level when the chart was produced. Projecting this height from the handle’s formation suggests a target in the vicinity of $75,000.

Dines further adds that the collective behavior of market participants will indeed guide the price movement: ” A lot of those longs would set a retrace at ~$75k as they close out their W. If enough participants put this trade on it will set the dominant price action … they win out and it will turn the chart into reality. I know it sounds ridiculous, but in the real world this is how markets actually discover price.”

At press time, BTC traded at $51,821.

Bitcoin price — BTC price, 1-week chart | Source: BTCUSD on TradingView.com

Featured image created with DALLE, chart from TradingView.com

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February 15, 2024 0 comment

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SEC Chair Gary Gensler Outlines ‘Very Real Economic Difference’ Between Bitcoin and US Dollar

by CoinNews February 15, 2024

written by CoinNews

SEC Chair Gary Gensler Outlines 'Very Real Economic Difference' Between Bitcoin and US Dollar U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has outlined a “very real economic difference” between crypto like bitcoin and fiat currencies like the U.S. dollar. “You have a whole central bank, and support for one currency, generally per economic region,” the SEC chief noted, adding that we don’t have the same in bitcoin. […]

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February 15, 2024 0 comment

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Will Bitcoin Bulls Be Able to Hit $55K Barrier This Week?

by CoinNews February 15, 2024

written by CoinNews

Bitcoin price extended its increase above the $52,000 resistance. BTC is consolidating gains and might aim for more upsides toward the $55,000 resistance.

Bitcoin price remained in a bullish zone above the $51,000 and $51,200 levels.
The price is trading above $51,200 and the 100 hourly Simple moving average.
There are two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair could continue to move up if it clears the $52,500 resistance zone.

Bitcoin Price Extends Rally

Bitcoin price started a steady increase above the $50,000 resistance zone. BTC gained strength above the $50,500 and $51,200 levels. It even spiked above the $52,000 resistance zone.

A new multi-week high was formed near $52,493 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. There are also two bullish trend lines forming with support at $51,450 and $49,200 on the hourly chart of the BTC/USD pair.

Bitcoin is now trading above $51,200 and the 100 hourly Simple moving average. Immediate resistance is near the $52,500 level. The next key resistance could be $53,200, above which the price could extend its rally.

Bitcoin Price

Source: BTCUSD on TradingView.com

The next stop for the bulls may perhaps be $54,400. A clear move above the $54,400 resistance could send the price toward the $55,000 resistance. The next resistance could be near the $56,500 level.

Downside Correction In BTC?

If Bitcoin fails to rise above the $52,500 resistance zone, it could start another downside correction in the near term. Immediate support on the downside is near the $51,500 level and the first trend line.

The first major support is $50,500 and the 50% Fib retracement level of the recent wave from the $48,240 swing low to the $52,493 high. If there is a close below $50,500, the price could gain bearish momentum. In the stated case, the price could dive toward the $49,200 support and the second trend line.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $51,500, followed by $50,500.

Major Resistance Levels – $52,500, $53,200, and $54,400.

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February 15, 2024 0 comment

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